$ProShares Ultra Bloomberg Natural Gas (BOIL.US)$ What happe...
$ProShares Ultra Bloomberg Natural Gas(BOIL.US$ What happened, does that god know any news?
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liao leoOP : There is no information at all why it plummeted today, I don't know what it is
Gold_Morgan : Because of this news:
Plant activity has been shrinking for six consecutive months, and the US gas market is in trouble
May 22. Although the crude oil market has performed well due to OPEC's recent production cuts, the contraction in the US manufacturing industry and the weakening demand for oil and gas is one of the reasons for the decline in the prices of these two commodities. According to ISM data, as of April, US factory activity, which accounts for 33% of US energy consumption, has been shrinking for six consecutive months. WTI crude oil prices have fallen 17%, from $86.53 per barrel to $71.41 per barrel, while natural gas futures have fallen 62%, from $6.355/million to $2.42/million. Unlike crude oil, gas futures prices are not controlled by OPEC's safety valve. Natural gas prices are likely to be hit harder, as US plants usually use more gas than oil.
liao leoOP : Thank you so much